The Best Mortgage Lenders in Percy, IL
Compare verified mortgage lenders serving Percy, Illinois. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Percy
Featured Mortgage Lenders
Farm Credit Illinois
Farm Credit Illinois
Farm Credit Illinois is a highly specialized agricultural lender serving over 70 counties in southern Illinois, including Randolph County where Percy is located. As a member-owned cooperative with over a century of experience, they offer exceptional expertise in rural and agricultural property financing. They understand the unique needs of rural communities like Percy and provide personalized service with competitive rates for farmland, rural homes, and agricultural operations. Their deep roots in southern Illinois farming communities make them an ideal choice for agricultural property financing in the Percy area.
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First Mid Bank & Trust
First Mid Bank & Trust, N.A.
First Mid Bank & Trust is a well-established regional bank with deep roots in southern Illinois, serving Percy and surrounding communities through their nearby Salem location. With over 150 years of banking experience, they offer comprehensive mortgage services including USDA loans that are particularly beneficial for rural areas like Percy. Their local loan officers provide personalized service and understand the local real estate market. As a community-focused institution, they're known for competitive rates, flexible terms, and strong customer service for both rural and suburban properties.
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Scott Credit Union
Scott Credit Union
Scott Credit Union is a highly-rated financial institution serving multiple counties in southern Illinois, including Randolph County where Percy is located. With over 70 years of operation, they've built a strong reputation for competitive mortgage rates and exceptional member service. They offer a wide range of mortgage products with particularly strong VA and FHA loan programs. Their digital mortgage application process is user-friendly while maintaining personalized service through local loan officers. As a credit union, they typically offer lower fees and more favorable terms than traditional banks, making them an excellent choice for Percy area homebuyers.
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Frequently Asked Questions
Common questions about mortgage lending in Percy, IL
What are the current average mortgage rates for homebuyers in Percy, IL?
Mortgage rates in Percy typically align with national averages but can be slightly lower due to the rural nature of Randolph County. As of recent data, 30-year fixed rates hover around 6.5-7%, but working with local lenders who understand the Percy market can sometimes secure more competitive terms. It's best to get quotes from multiple local institutions for accurate comparisons.
Are there any first-time homebuyer programs specifically available in Percy?
Yes, Percy homebuyers can access the Illinois Housing Development Authority's (IHDA) programs like the 1stHomeIllinois loan, which offers competitive interest rates and down payment assistance. Additionally, some local lenders in Randolph County may offer special programs for first-time buyers purchasing in Percy's specific market conditions.
How does Percy's rural location affect the mortgage process and requirements?
Percy's rural classification can work to your advantage through USDA loans, which offer 100% financing with no down payment required for eligible properties and borrowers. However, some lenders may require additional property inspections for rural homes, and appraisals might take slightly longer due to fewer comparable sales in the area.
What types of properties are most common in Percy's mortgage market?
Percy's mortgage market primarily consists of single-family homes, many with larger lots typical of rural communities, and some manufactured homes on permanent foundations. Traditional mortgages work well for most properties, but manufactured homes may require specific loan programs, and agricultural properties might need specialized lending approaches.
Are there any local property tax considerations I should know about when getting a mortgage in Percy?
Randolph County property taxes in Percy are generally reasonable compared to urban areas, typically ranging from 1.0% to 1.5% of assessed value. Your mortgage lender will help estimate these costs for your escrow account, and it's worth noting that Percy homeowners may qualify for various exemptions, including the homestead exemption for primary residences.
Why Choose a Mortgage Lender in Percy?
Local Market Knowledge
Lenders who understand Percy's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Illinois.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Percy and get competitive rates on your home loan.